Credit Card Agreement

A contract outlining the terms and conditions of a credit card account.

The maximum amount of credit that a financial institution extends to a client.

A numerical expression based on a level analysis of a person's credit files, representing the creditworthiness of an individual.

A card that deducts money directly from a consumer’s checking account to pay for a purchase.

An initial payment made when something is bought on credit.

A loan where the interest rate doesn't change during the term of the loan.

A set time after the due date during which a payment can be made without penalty.

A loan that is repaid over time with a set number of scheduled payments.

The cost of borrowing money, typically expressed as an annual percentage of the loan amount.

The proportion of a loan that is charged as interest to the borrower.

A charge imposed on a borrower who does not make a payment on time.

A contract outlining the terms under which one party agrees to rent property owned by another party.

A sum of money that is borrowed and expected to be paid back with interest.

The smallest amount of a credit card bill that a consumer can pay to remain in good standing with the credit card company.

A loan used to purchase a home, where the property itself serves as collateral.

A short-term, high-interest loan intended to cover the borrower's expenses until their next payday.

A method of debt financing that enables individuals to borrow and lend money without the use of an official financial institution as an intermediary.

A card that is pre-loaded with funds and used like a debit card.

The amount of money that is borrowed, excluding interest.

A loan that is issued for personal use, typically unsecured and based on the borrower's integrity and ability to repay.

A type of credit that does not have a fixed number of payments, in contrast to installment credit.

A summary of the costs of a credit card in the United States, named after Senator Charles Schumer.

A type of credit card that is backed by a cash deposit from the cardholder.

Debt backed or secured by collateral to reduce the risk associated with lending.

The duration of time over which a loan is scheduled to be repaid.

Debt that is not protected by a guarantor or collateral.

A loan with an interest rate that can change over time.

Financial Terms Flashcards Flashcards

Student preview

34 questions

Show all answers

1.

FLASHCARD QUESTION

Front

Amortization

Back

The process of gradually paying off a debt over time through regular payments.

2.

FLASHCARD QUESTION

Front

Annual Fee

Back

A yearly charge by banks and financial institutions to customers for use of their services.

3.

FLASHCARD QUESTION

Front

Annual Percentage Rate (APR)

Back

The annual rate charged for borrowing or earned through an investment, expressed as a percentage.

4.

FLASHCARD QUESTION

Front

Authorized User

Back

A person who has permission to use a credit card account but is not responsible for paying the bill.

5.

FLASHCARD QUESTION

Front

Collateral

Back

An asset that a borrower offers to a lender to secure a loan.

6.

FLASHCARD QUESTION

Front

Cosigner

Back

A person who agrees to repay a loan if the primary borrower does not.

7.

FLASHCARD QUESTION

Front

Credit Card

Back

A card issued by a financial company giving the holder an option to borrow funds.

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